Infosys Q1 net grows 1.3% to Rs 3,483 crore

In their official statement, Infosys said that “the company committed no wrongdoing and denies all allegations made in this regard.”

The second-largest Indian IT exporter Infosys today reported 1.3 per cent growth in consolidated net profit at Rs 3,483 crore for the quarter to June 2017.

It had posted a net profit of Rs 3,436 crore in April-June of 2016-17, Infosys said in a BSE filing.

Revenue of the Bengaluru-based firm grew 1.7 per cent to Rs 17,078 crore in the June quarter as against Rs 16,782 crore in the year-ago period, it added.

However, on a sequential basis, Infosys’ net profit declined 3.3 per cent while revenues were down 0.2 per cent in rupee terms.

Infosys maintained its revenue growth forecast for 2017-18 to be in the range of 6.5—8.5 per cent in constant currency and 7.1-9.1 per cent in US dollar terms.

“Our persistent focus on execution in Q1 is reflected in broad-based performance on multiple fronts —— revenue growth, resilient margins despite multiple headwinds, healthy cash generation and overall business results,” Infosys MD and CEO Vishal Sikka said.

He added that he is encouraged by the “uptick in revenue per employee for six quarters in a row”, and the strong momentum in Infosys’ new high growth services and software.

In US dollar terms, Infosys’ net profit grew 5.8 per cent to USD 541 million in the June quarter while revenues rose 6 per cent to USD 2.65 billion from the year-ago period.

Liquid assets including cash and cash equivalents and investments were at Rs 39,335 crore as of June 30, 2017.

“We successfully navigated yet another quarter of significant currency volatility through our hedging,” Infosys CFO M D Ranganath said.

Its total headcount stood at 1.98 lakh at the end of June quarter.

* Says FY 18 revenue guidance retained at 6.5%-8.5% in constant currency; FY 18 operating margin guidance retained at 23%-25%

* Gross client additions of 59 in June quarter

* Says appointed Inderpreet Sawhney as group general counsel and chief compliance officer effective July 3

* Net employee reduction was 1,811 in June quarter

* June quarter annualized standalone employee attrition at 16.9 percent versus 15.8 percent year ago

* June quarter annualized consolidated employee attrition at 21.0 percent versus 21.0 percent year ago

* Says approved annual compensation of Inderpreet Sawhney

* Says Inderpreet Sawhney’s annual cash compensation is $0.90 million

* Says Sandeep Dadlani, president, resigned from co effective July 14